promise

Promise

A written or oral declaration given in exchange for something of value that binds the maker to do, or forbear from, a certain specific act and gives to the person to whom the declaration is made the right to expect and enforce performance or forbearance. An undertaking that something will or will not occur. It is a manifestation of intent to act, or refrain from acting, in a certain manner.

In the law ofCommercial Paper, an undertaking to pay. It must be more than an acknowledgment of an obligation.

The person who makes the declaration is the promisor. The person to whom the declaration is made is called the promisee.

In contracts, a promise is essential to a binding legal agreement and is given in exchange for consideration, which is the inducement to enter into a promise. A promise is illusory when the promisor does not bind herself to do anything and, therefore, furnishes no consideration for a valid contract.

A promise implied in fact is a tacit promise that can be inferred from expressions or acts of the promisor. A promise implied by law can arise when no express declaration is made, but the party, in Equity and justice, is under a legal duty as if he had in fact actually made a promise.

promise

1) n. a firm agreement to perform an act, refrain from acting, or make a payment or delivery. In contract law, if the parties exchange promises, each promise is "consideration" (a valuable item) for the other promise. Failure to fulfill a promise in a contract is a breach of the contract, for which the other party may sue for performance and/or damages. 2) v. to make a firm agreement to act, refrain from acting, or make a payment or delivery. (See: contract, consideration)

PROMISE, contr. An engagement by which the promisor contracts towards
another to perform or do something to the advantage of the latter.
2. When a promise is reduced to the form of a written agreement under
seal, it is called a covenant.
3. In order to be binding on the promisor, the promise must be made
upon a sufficient consideration -- when made without consideration, however,
it may be binding in foro conscientice, it is not obligatory in law, being
nudum pactum. Rutherf. Inst. 85; 18 Eng. C. L. Rep. 180, note a; Merl. Rep.
h.t.
4. When a promise is made, all that is said at the time, in relation to
it, must be considered; if, therefore, a man promise to pay all he owes,
accompanied by a denial that he owes anything, no action will lie to enforce
such a promise. 15 Wend. 187.
5. And when the promise is conditional, the condition must be performed
before it becomes of binding force. 7 John. 36. Vide Condition. Promises are
express or implied. Vide Undertaking, and 5 East, 17 2 Leon. 224, 5; 4 B. &
A. 595.

In cases of marriage settlements, for example, promises may be enforced even in the absence of actual inducement because of the possibility, foreseen by the promiser, that the promisee might change her behavior in reliance on the promise.

On the one hand, the promised girl may not survive while, on the other, the promise itself might not survive either because the promiser dishonours his word or because he dies before transfer of the young woman as bride.

By leveraging common production data to quickly determine and provide capacity-based item availability information, Frontstep Capacity Promiser allows companies to automate the promising of delivery dates that accurately reflect current inventory and capacity.

All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.